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Interesting Reading from the Week - March 18, 2023

March 18, 2023

Compounding Quality

I’ve been enjoying this Substack called Compounding Quality. The author breaks down financial concepts in easily digestible ways.

I will be sharing this article about how to analyze an income statement with my clients.

Extreme Outsourcing

I’ve been reading a lot about how to effectively hire and manage overseas talent. This Substack has been an incredible resource:

Written by Jon Matzner. Here’s some articles I found especially interesting:

AI Continues to Impress

The biggest news of the week is perhaps the release of ChatGPT-4 a few days ago (yes, the SVB bank collapse is a blip on the radar compared to this). It is already taking the world by storm. This is the Substack of one of the most prominent Prompt Engineers on the internet.

Check him out to understand the capabilities of ChatGPT and see the cool things that are being done with it.

How to Get Rich

I’m reading the most interesting business book I’ve ever read. It’s an ‘anti-self help’ book by the late eccentric billionaire Dennis Felix called How to Get Rich: One of the World’s Greatest Entrepreneurs Shares His Secrets.

In his own words, “If anything, How to Get Rich is something ever-so-slightly new in the world, or at least I have tried to make it so. It is an “anti-self-improvement” book—because it admits openly that the chances of anyone reading it and then becoming rich are minuscule. The vast majority of you are far too nice. And comfortable. And sensible.”

I’m only halfway through the book but here are some of my Kindle highlights:

  • Just how quickly can you become rich? Quicker than you probably deserve, but slower than you would like.

  • Knowledge learned the hard way combined with the avoidance of error, whenever and wherever possible, is the soundest basis for success in any endeavor.

  • On owning things: “If it flies, floats or fornicates, always rent it—it’s cheaper in the long run.”

  • My experience has been that money is color-blind, race-blind, sex-blind, degree-blind and couldn’t care less who brought you up or in what circumstances.

  • Could you turn the clock back for me by forty years, I would willingly swap you every penny and every possession I own in return. And I would have the better of the bargain, too!

  • “A committee is a group of the unwilling, chosen from the unfit to do the unnecessary.”

  • After a lifetime of making money and observing better men and women than I fall by the wayside, I am convinced that fear of failing in the eyes of the world is the single biggest impediment to amassing wealth.

  • Ideas don’t make you rich. The correct execution of ideas does.

  • Listening is the most powerful weapon after self-belief and persistence you can bring into play as an entrepreneur.

Derek Sivers went to India for a week and conducted 50 one-hour interviews. He wrote up a brief profile of the people he met.

I am fascinated by India and really loved this article: https://sive.rs/meet-chbg

That’s it for now, hope you found something interesting here!